Goldman Sachs Group Inc. is attempting to understand how to supply service to investors who need to trade Bitcoin. This is in spite of the fact that the digital currency stays extremely volatile for the bank to trade itself, as per comments by its chief executive officer and a spokesperson last week to the media.
At a conference, Lloyd Blankfein, the CEO of the bank, claimed that there was no looming requirement for Goldman Sachs to make a plan around Bitcoin. Bitcoin increased to a record breaking high of $11,395 last week only to lose 1/5th of its worth the next day. “Something that shifts up and down 20% in a single day do not feel like a store of value and do not feel like a currency,” Blankfein claimed to the media at the conference to promote 10,000 Small Businesses effort of Goldman hosted by Bloomberg. The bank will exchange Bitcoin if it trades in a less volatile approach, turns out to be more recognized, and has additional liquidity, he claimed.
Nonetheless, Goldman has been seeking at methods to facilitate trades of Bitcoin for users. It is still looking for the same, Tiffany Galvin, the spokeswoman, claimed to the media in a statement. “In reply to interest of client in digital currencies, we are discovering how best to cater to them in the sector,” she claimed. Founded as a digital currency in 2009 and not regulated or backed by governments, Bitcoin was chiefly backed by technology fans at first. Its status was blemished by hacks that lost millions of dollars of investors, and by those who supposedly employed the currency to cover illegal dealings.
But as its cost has increased, conventional investors have made an entry in the market, and main exchanges aim to roll out Bitcoin futures deals, as per the sources.